Japanese conglomerate SoftBank, which has backed crypto companies including FTX and The Sandbox, reported a record $23.4 billion quarterly loss attributed to the global tech stock sell-off. BrandyBetz reports
“We are in a defense mode," CEO Masayoshi Son in a message that accompanied the report."The world is still very volatile. Inflation is still severe. Interest rate is going up. In a difficult time, we kept on divesting our assets. We reduced new investments. We now have a much more managed, conservative approach to investments."
A weaker yen hurts the company because it translates into a lower number when converted into dollars.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Japan tech giant SoftBank posts $23 billion quarterly lossTOKYO (AP) — Japanese technology company SoftBank Group posted a $23.4 billion loss in the April-June quarter as the value of its investments sank amid global worries about inflation and interest rates.
Lire la suite »
SoftBank plans Vision Fund job cuts after record net loss By Reuters*SOFTBANK POSTS RECORD $23.1 BILLION QUARTERLY LOSS AMID TECH SLUMP -
Lire la suite »
Japan tech giant SoftBank posts $23 billion quarterly lossTOKYO (AP) — Japanese technology company SoftBank Group posted a $23.4 billion loss in the April-June quarter as the value of its investments sank amid global worries about inflation and interest rates.
Lire la suite »
Hong Kong Investors Lost $50M From Crypto Scams in 2022 (Report)Cryptocurrency scams in Hong Kong for the first half of 2022 were reportedly up by 105% than in H1, 2021.
Lire la suite »
SoftBank Posts a $21.6 Billion Quarterly Loss on Its Vision Fund, One of the Highest in Its HistorySoftBank posted a 2.93 trillion Japanese yen ($21.68 billion) loss for the June quarter for its Vision Fund. This is its second-largest quarterly loss.
Lire la suite »
Japanese Giant SoftBank Dumps Its Entire Stake in Uber as Losses Mount at Its Investment UnitSoftBank said it sold its remaining stake Uber as the Japanese conglomerate looks to raise cash amid mounting losses at its investment unit.
Lire la suite »